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Putin's Drive to Tame Food Prices Threatens Grain Sector

Increase in Russian export tax unveiled in mid-January sent global prices to highest levels in seven years


During a televised session with ordinary Russians last month, a woman pressed President Vladimir Putin on high food prices.

According to a report at U.S. News & World Report, Putin said the Russian government had taken steps to address the issue and that other measures were being discussed, without elaborating.

The Russian government has taken steps to tackle inflation and in doing so, the world's top wheat exporter has fed inflation in other countries by driving up the cost of grain. An increase in the export tax unveiled in mid-January, for example, sent global prices to their highest levels in seven years.

Some Russian farmers say they understand the authorities’ motivation but see the tax as bad news because they believe Russian traders will pay them less for the wheat to compensate for the increased export costs.

Read the full report here.

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